Foley & Lardner is starting a $4 million venture capital fund, Foley Ventures, with the idea of helping fund some of its client firms aiming for explosive growth.
"Our goal is to invest in our clients and support our clients," says Daljit Doogal, managing partner of the Detroit office of
Foley & Lardner. Doogal declined to name some of his firm's smaller clients in Metro Detroit, but did say some of the bigger firms include Johnson Controls, Visteon and Tower Automotive.
Foley & Lardner employs a staff of 40 attorneys, 30 support staff and two interns at its Detroit office. Clients of that office will have a fair shot at receiving funding from Foley Ventures since the fund has no geographic restrictions. Emerging companies with a chance at funding will be recommended by a managing partner and a committee of 4-5 managing partners in the firm will decide whether to make the funding commitment.
Foley Ventures is a result of the law firm's experience of working with a number of private equity and venture capital firms. The leadership at Foley & Lardner recognized that growing start-ups need more than legal expertise to grow, prompting the creation of Foley Ventures.
Source: Daljit Doogal, managing partner with Foley & Lardner
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at
SEMichiganStartup.com.
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